Commercial Banking – India
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
Under the CRS, we are required to determine where you are “tax resident” (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details.
If you are tax resident outside the country/jurisdiction where you bank then we will give the national tax authority this information, along with information relating to your accounts. This may then be shared between the tax authorities of different countries/jurisdictions.
The Government of India joined the Multilateral Competent Authority Agreement (MCCA) on Automatic Exchange of Financial Account Information on 3 June 2015 and notified the Rules to this effect on 7 August 2015.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the appropriate self-certification form and return it to your branch or relationship manager. There are three types of self-certification form for the CRS. The forms are attached below with additional information about which form you should complete.
- CRS Self-Certification for use by Individuals (92KB, PDF): Download PDF: Link opens in a new window – If you are a retail customer of HSBC or a Sole Trader or Proprietor, please use this form to confirm your personal status under the CRS.
- CRS Self-Certification for use by Entities (112KB, PDF): Download PDF: Link opens in a new window – If you are a business customer of HSBC, please use this form to confirm your business’s status under the CRS (except Sole Traders who should use the self-certification form above).
- CRS Self-Certification for use by Controlling Persons (134KB, PDF): Download PDF: Link opens in a new window – This form is to be used by the Controlling Persons of certain Entities (referred to under the CRS as Passive Entities) including certain trusts and foundations. This form is to be completed by those individuals that control the Entity, either by ownership or control by other means of these types of Entity. A Controlling Person in certain circumstances will be referred to as the Senior Managing Official.
If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.
If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice.
Page last updated June 2018
- CRS Self-Certification for use by Individuals: Download PDF: Link opens in a new window
- CRS Self-Certification for use by Entities: Download PDF: Link opens in a new window
- CRS Self-Certification for use by Controlling Persons: Download PDF: Link opens in a new window
- Frequently asked questions about CRS
- Glossary of useful CRS terms